The latest report released by the World Steel Association (WSA) on the steel industry showed that in 2009, the output of China's Baoshan Iron and Steel Co Ltd (Baosteel) Group Corporation reached 31.3 million tons, making the company the world's second largest steel enterprise, only behind the US's Arcelor Mittal. The report showed that Arcelor Mittal's output in 2009 reached 77.50 million tons. South Korea's Pohang Iron and Steel Company (POSCO) ranked in the third position with an output of 31.1 million tons.
The report also showed that China's steel output in 2009 reached 568 million tons, topping in the world, followed by Japan, India, Russia and the US.
Baoshan Iron and Steel Co Ltd (Baosteel), a major Chinese steelmaker, earlier in April’10 reported revenue of 148.53 billion yuan ($21.76 billion) and a net profit of 5.816 billion yuan in 2009, down 25.97 percent and 9.95 percent respectively year-on-year.
According to its annual report, in the first half of 2009, the State-owned company turned out a net profit of 669 million yuan, only 11.5 percent of its whole year profit. The market boom in the auto and home appliance sectors contributed significantly to the profit growth in the second half, said analysts.